Portfolio Details as of 12/31/2015

Weighted Average Market Cap.
78.1 B
P/E Ratio
20.0x
P/B Ratio
3.4x
Portfolio Turnover Ratio as of 11/28/2014
73.3%
Number of Holdings
87
Total Net Assets
$1.83 B

Portfolio Positioning as of 12/31/2015

  • Ace Ltd., a global insurance and reinsurance company, is the portfolio’s largest overweight position, relative to its benchmark, the S&P 900® 10-Year Dividend Growth Index, as of December 31, 2015.  We believe that the stock is attractively priced relative to global insurance peers.  We also believe that outperformance will be driven by both the company’s superior underwriting and distribution that propels top-line growth and an excellent balance sheet that likely will provide a solid margin of safety for this high-quality stock.
  • The portfolio also is overweight, relative to its benchmark, in Walgreens Boots Alliance, Inc., a drugstore services company.  The company announced the acquisition of Rite Aid during the quarter; we expect this deal to be accretive beginning in 2017, adding to an already undervalued earnings potential. 
  • Chevron Corp., an energy company, is another overweight position relative to the portfolio’s benchmark.  We believe that Chevron’s focus on responsible capital spending, shareholder-friendly payout policies, and low-cost assets likely will result in a higher valuation going forward.

Sector Allocationas of 12/31/2015

Sector Weighting Fund Change from Previous Quarter
Information Technology arrowDown0.3%
Utilities arrowDown0.4%
Consumer Discretionary arrowUp0.3%
Financials arrowDown0.1%
Health Care arrowUp0.7%
Industrials arrowDown0.2%
Telecommunication Services arrowUp0.1%
Energy arrowDown0.2%
Materials arrowDown0.2%
Consumer Staples arrowUp0.2%

Attribution Analysis 

Calibrated Dividend Growth Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Strongest & Weakest Performers

Strongest Performers

Holding Contribution
Chevron Corp. 0.5%
Lowe's Cos, Inc. 0.4%
McDonald's Corp. 0.4%
ACE Ltd. 0.4%
Monsanto Co. 0.4%

Weakest Performers

Holding Contribution
ONEOK, Inc. -0.1%
QUALCOMM, Inc. -0.1%
Hasbro, Inc. -0.1%
Archer-Daniels-Midland Co. -0.1%
Ryder System, Inc. -0.1%
Fund Dividends & Cap Gains next tab

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